Brief: Spineguard Provides Updates And Perspectives On Its ‘Safeguard’ And Chapter 11 Proceedings

Spineguard SA

18/11/2020 17:17

Nov 18 (Reuters) - SPINEGUARD SA  ALSGD.PA :
    * SPINEGUARD PROVIDES UPDATES AND PERSPECTIVES ON ITS
‘SAFEGUARD’
AND CHAPTER 11 PROCEEDINGS
    * COURT OF COMMERCE OF CRETEIL RENEWED OBSERVATION PERIOD
FOR
ANOTHER 6 MONTHS.
    * IN US, CHAPTER 11 PROCEEDING IS CONTINUING AND DISCUSSIONS
WITH
BONDHOLDERS MADE IT POSSIBLE TO EXTEND DEADLINE FOR FILING A
CHAPTER 11 PLAN UNTIL DECEMBER 15
    * EXTENDED TIMELINE WILL ALLOW FRENCH AND US PROCEDURES TO
HAVE A
UNIQUE TIMELINE WHICH WAS WILL OF COMPANY FROM BEGINNING OF
PROCESS.
    * US COMPANY REMAINS PROFITABLE DESPITE IMPACT OF COVID-19
PANDEMIC ON ITS COMMERCIAL ACTIVITIES
    * DEBTS FOR OTHER US CREDITORS AMOUNT $ 33K AND COMPANY ALSO
INTENDS TO PROPOSE SETTLEMENTS WITH THESE CREDITORS AS A PART OF
ITS CHAPTER 11 PLAN
    * EFFECTIVE EXIT OF FRENCH SAFEGUARD AND US CHAPTER 11
SHOULD TAKE
PLACE IN EARLY 2021
    * CURRENT PROCEEDINGS ARE NOT EXCLUSIVE OF OTHER AGREEMENTS
THAT
COULD SHORTEN THEM.

Source text for Eikon:  ID:nBw575Zy6a 
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